Tagged: BofA

Borrower Class Action Against LandSafe Appraisal Settled for $250 Million 8

Class Action Against LandSafe Settled

…alleged that the lenders conspired with LandSafe to inflate appraisals to increase the size of mortgage loans sold on the secondary mortgage market… Believe it or not, cases are still being litigated in relation to events during the mortgage meltdown years. After nearly seven years of litigation, a settlement (subject to court approval) has been reached in the borrower class action filed in 2013 regarding appraisals managed by defendant LandSafe Appraisal Services between January 1, 2003 and December 31, 2008. The other defendants in the suit include Countrywide Home Loans and Bank of America and various affiliates. The central premise...

Appraisers Landmark $36M Settlement with BofA 6

Appraisers Landmark $36M Settlement with BofA

Editor’s Note: Besides being a bit of good news, this ruling could have implications for all appraisers working for AMCs. Appraisers Landmark $36 million Settlement with Bank of America for Failure to Pay Overtime Settlement Covers 365 Plaintiffs Who Served as Residential Real Estate Appraisers Oakland, CA – Today, employment and civil rights attorney Bryan Schwartz announced a settlement between Landsafe Appraisal Services, Inc., a subsidiary of Bank of America (NYSE: BAC) and 365 current and former employees working as residential real estate staff appraisers. The plaintiffs had sought damages for their misclassification as exempt from overtime, which left them...

Bank of America Appraisals Reviewed in India 6

Bank of America Appraisals Reviewed in India

Bank of America Reportedly Sending Property Reviews to India Bank of America reportedly opened a unit in India to review valuation reports in an effort to boost its share of the U.S. mortgage market at a lower cost, Bloomberg reported June 28. Workers in the new Bangalore office use checklists to decide if appraisals are complete, according to people who talked to Bloomberg on the condition of anonymity. Bank of America also eliminated positions at its Plano, Texas-based LandSafe appraisal division, which made $78.8 billion in loans in 2012. “One of the biggest problems in the mortgage business is all...

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